YEAR 2022 IS GOING TO BE A CRYPTO YEAR
Analysts estimate that the global crypto trading market will be more than triple by 2030 and the year 2021 has been the crypto industry’s biggest year ever. However, that’s not it, more exciting developments are here that are already making 2022 buzz. More push towards global mass adoption of Cryptocurrencies and eager acceptance by some countries led to the prediction by analysts that year 2022 is going to be a crypto year. Even after China’s crackdown on crypto trading and concerns about carbon footprint, most of them gained 35-40% before the end of the year. So let’s talk about the year 2022 with the changes in regulations and new launches (Ethereum 2.0) and maybe a retreat of NFT overselling.\
Smart contracts – the reason the year 2022 is going to be a crypto year
A smart contract is a transaction protocol that is automatically executed when the conditions are met. It is immutable and can never be changed. They are readily accepted by different industries as they reduce hours of negotiation and paperwork, making them one of the best technological innovations.
Smart contracts are used by –
- Financial Services
- Supply and Chain Management
- Healthcare
In the coming year, we will see many more adaptations of Smart Contracts, with advances in day to day transactions and payment systems.
DeFi would be the thing in 2022
Financial applications built on BlockChain technologies and using smart contracts would definitely disrupt the traditional financial world. The idea of creating an open, trustworthy financial system without relying on a central authority would unquestionably lead to the launch of many new products. Experts believe that in the case of DeFi we have only seen the tip of the iceberg.
Blockchain Gaming is the Future
NFT’s would rule 2022 and they are ready to make Blockchain Gaming a hit this year too. Experts have high expectations for Blockchain-based games and few of them could make giant waves in 2022, making this a hit crypto year.
According to a Bloomberg (DappRadar data) “Nearly 50% of active cryptocurrency wallets connected to Decentralized applications in November were for playing games.”
Play-to-earn gaming has driven blockchain gaming to new highs. Some of the gaming cryptos to watch in 2022 –
- DeFi Kingdoms
- Guild of Guardians
- Galaxy Fightclub
- Axie Infinity
- CryptoBeasts
MetaVerse
Tech Giants have already declared that MetaVerse and Virtual Reality is the biggest boom they all had been waiting for. Facebook rebranded itself as Meta towards the end of 2021 and would invest $10 Billion to build the MetaVerse. Microsoft too is building capabilities to enter the world of MetaVerse, where people can traverse the digital world in their Avatars. Google and Apple have also been working on this technology, again making the year 2022 a hit crypto year.
According to Satya Nadella (Microsoft CEO), “Metaverse is not just transforming how we see the world but also how all of us actively participate in it.”
Ethereum 2.0
This is one of the most awaited updates in the cryptocurrency industry and Ethereum being the most used blockchain for NFT and exchange programs, the change would result in a massive shakeup for the whole industry. The change from Proof of Work to Proof of State would open vast possibilities for decentralized application developers, leading to a brighter future in 2022.
There is a lot more to come in the world of crypto although some of the volatility would still be there, new products/services would keep on emerging that would either be a hit or miss, however, all in all year 2022 is going to be a Crypto year.
